Jumat, 12 April 2013

ECONOMIC SYSTEM

An economic system is a system for producing, distributing and consuming goods and services, including the combination of the various institutions, agencies, consumers, entities (or even sectors as described by some authors) that comprise the economic structure of a given society or community. It also includes how these various agencies and institutions are linked to one another, how information flows between them, and the social relations within the system (including property rights and the structure of management).
An economic system is comprised of the various processes of organizing and motivating labor, producing, distributing, and circulating of the fruits of human labor, including products and services, consumer goods, machines, tools, and other technology used as inputs to future production, and the infrastructure within and through which production, distribution, and circulation occurs.  These processes are overdetermined by the political, cultural, and environmental conditions within which they come to exist.  In comparative economic systems, these economic systems are usually defined within determinate political boundaries. 
Among actual economic systems, distinctive methods of analysis have developed, such as socialist economics and Islamic economic jurisprudence. Today the dominant form of economic organization at the global level is based on capitalist mixed economies.
Economic systems is the category in the Journal of Economic Literature classification codes that includes the study of such systems. One field that cuts across them is comparative economic systems. Subcategories of different systems there include:
  • planning, coordination, and reform
  • productive enterprises; factor and product markets; prices; population
  • public economics; financial economics
  • national income, product, and expenditure; money; inflation
  • international trade, finance, investment, and aid
  • consumer economics; welfare and poverty
  • performance and prospects
  • natural resources; energy; environment; regional studies
  • political economy; legal institutions; property rights.
Components
There are multiple components to economic systems. Decision-making structures of an economy determine the use of economic inputs (the factors of production), distribution of output, the level of centralization in decision-making, and who makes these decisions. Decisions might be carried out by industrial councils, by a government agency, or by private owners. Some aspects of these structures include:
Coordination mechanism: How information is obtained and used to coordinate economic activity. The two dominant forms of coordination include planning and the market; planning can be either centralized or de-centralized, and the two mechanisms are not mutually exclusive.
Productive property rights: This refers to ownership (rights to the proceeds of output generated) and control over the use of the means of production. They may be owned privately, by the state, by those who use it, or held in common by society.
Incentive system: A mechanism for inducing certain economic agents to engage in productive activity; it can be based on either material reward (compensation) or moral reward (social prestige).
Types
Economic systems can be divided by the way they allocate economic inputs (the means of production) and how they make decisions regarding the use of inputs. A common distinction of great importance is that between capitalism (a market economy) and socialism (economic planning).
In a capitalist economic system, production is carried out to maximize private profit, decisions regarding investment and the use of the means of production are determined by competing business owners in the marketplace; production takes place within the process of capital accumulation. The means of production are owned primarily by private enterprises and decisions regarding production and investment determined by private owners in capital markets. Capitalist systems range from laissez-faire, with minimal government regulation and state enterprise, to regulated and social market systems, with the stated aim of ensuring social justice and a more equitable distribution of wealth (see welfare state) or ameliorating market failures (see economic intervention).
In a socialist economic system, production is carried out to directly satisfy economic demand by producing goods and services for use; decisions regarding the use of the means of production are adjusted to satisfy economic demand, investment (control over the surplus value) is carried out through a mechanism of inclusive collective decision-making. The means of production are either publicly owned, or are owned by the workers cooperatively. A socialist economic system that is based on the process of capital accumulation, but seeks to control or direct that process through state ownership or cooperative control to ensure stability, equality or expand decision-making power, are market socialist systems.
The basic and general economic systems are:
  1. Market economy ("hands off" systems, such as Laissez-faire capitalism)
  2. Mixed economy (a hybrid that blends some aspects of both market and planned economies)
  3. Planned economy ("hands on" systems, such as state socialism or state capitalism)
  4. Traditional economy (a generic term for older economic systems)
  5. Command (Centrally Planned) Economic Systems: (a generic term for older economic systems)
  6. Participatory economics (a system where the production and distribution of goods is guided by public participation)
  7. Gift economy (where an exchange is made without any explicit agreement for immediate or future rewards)
  8. Barter economy (where goods and services are directly exchanged for other goods or services)
Context in society
An economic system can be considered a part of the social system and hierarchically equal to the law system, political system, cultural, etc. There is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism"). Many economic systems overlap each other in various areas (for example, the term "mixed economy" can be argued to include elements from various systems). There are also various mutually exclusive hierarchical categorizations.

sumber :
http://en.wikipedia.org/wiki/Economic_system


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